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  • FIRST POST
    • themadvix
    • By themadvix 10th Mar 12, 9:51 AM
    • 746Posts
    • 3,019Thanks
    themadvix
    Finally I have a mortgage I can start to pay off!
    • #1
    • 10th Mar 12, 9:51 AM
    Finally I have a mortgage I can start to pay off! 10th Mar 12 at 9:51 AM
    Hi Everyone,
    Having been a long time lurker on this board whilst saving for a house deposit (you’re all so friendly and positive that it’s an inspiring place to ‘hang out’), my fiance and I completed on our first house yesterday!

    It’s a three-bedroomed terraced house in Hertfordshire (hence the long saving period) with an 80% LTV mortgage of 132,999 with Natwest, fixed for 2 years at 3.79%.

    There’s just the two of us (and our new two fish, Rosie and Jim, inherited with the house!), but I work from home, hence the need for a third bedroom as office space. We won’t be moving in until June as the house needs some work doing and we’re getting married in June so it seemed to be a sensible option (as we both currently live with our parents…tragic I know in my late 20s, but nice mortgage rate as a result).

    Obviously with house needing work and a wedding looming, I don’t expect to be making much in the way of overpayments for a while (but this won’t stop me rounding numbers down or transferring small bits across). Another issue is that although DF is employed (and hopefully about to get a new job in the company ), I am self-employed and therefore my income varies drastically from month to month. However, I have built up a fairly solid client base over the last five years, and especially in the last year, so I hope that this will continue to improve and that I will be able to contribute to overpayments.

    DF is the spreadsheet nut, so I’m hoping he’ll get it set up for me so I can play with figures soon (although I have no idea what a pivot table is and am not convinced I need to know! ) We’re already a very MSE couple having been saving for so long – we cashback, do surveys, shop around, get the freebies that are relevant to us and have already (having gone to the house last night) established that if I’m paying the energy bills we’ll be living in a cold house! In all seriousness though, we are both on board with the idea of overpaying the mortgage - it just makes sense!

    So, for the moment this diary will be a place to record the small things I do as well as the little overpayments I make (once my mortgage shows up in online banking!). Once June has flown past and we’re back from our honeymoon, I’ll get a grip on income and expenditure and work out an SOA and how much we can regularly overpay.

    Vicky

    PS Long, long term, this isn’t our forever home and one day we’d like to build our own environmentally friendly home! But more of that in the future…
    Last edited by themadvix; 21-11-2016 at 5:06 PM. Reason: Because I got the interest rate wrong!!
Page 26
    • Busy Mee1
    • By Busy Mee1 18th May 17, 4:43 PM
    • 289 Posts
    • 935 Thanks
    Busy Mee1
    Gosh under 100 k is a great milestone. I am hoping to get under 200k this month.
    It does focus your mind a bit having a target like that to hit, I hope you find enough funds from your bank account patrol to hit it or maybe the Ukrainians will save the day
    • themadvix
    • By themadvix 18th May 17, 4:52 PM
    • 746 Posts
    • 3,019 Thanks
    themadvix
    Thanks BusyMee! It definitely focuses the mind - I've found 3.18 already I won't hold my breath for the Ukrainians though. I can't wait to be in five figures... although sadly, as we intend to move again it won't be for very long. I'll enjoy it while I can!
    OPs 2017 = 2603/10000
    S&S ISA = 200/600
    OPs made 2016 = 6142.12
    Starting balance 2012: 132000; balance June 2017: 99,974
    MFW2017 no. 38
    • themadvix
    • By themadvix 18th May 17, 6:47 PM
    • 746 Posts
    • 3,019 Thanks
    themadvix
    13 items listed on ebay and other bits bumped on FB. Most of the ebay bits are BIN for 99p, so nothing to get excited about, but money in and clutter out if they sell (nice easy postage items too).

    Didn't manage to cut the grass before it started raining and went to put out last load and discovered it was raining on my then-dry washing... so it's all inside now and the great laundry shuffle can begin!

    DH doesn't want dinner - work lunch was that good, so I think I'll just have eggs on toast, nice and cheap
    OPs 2017 = 2603/10000
    S&S ISA = 200/600
    OPs made 2016 = 6142.12
    Starting balance 2012: 132000; balance June 2017: 99,974
    MFW2017 no. 38
    • themadvix
    • By themadvix 19th May 17, 9:04 AM
    • 746 Posts
    • 3,019 Thanks
    themadvix
    OP of 1303 made DH helped out with the missing 342 by withdrawing some of his MB money. He's going to take a break from it for the moment anyway - it's the end of the season, but also we've got so much DIY to get done that he won't have time. He'll go back to it at some point, he says.

    If I've done my maths correctly, that should bring our overall balance to 99,974 come 2nd June when our regular payment goes out! Apologies to all those who love round numbers, but when you have to wait to make an OP until you've got more than 400 together, there's no point hanging on to bits of money just so it's pretty!

    I cheated a bit as I haven't paid the NV cheque in yet - so I've borrowed the 50 from savings, but made a note that it needs paying back to savings. Come payday I'll be concentrating on building my savings back up a bit anyway - I've been dipping into them of late because of my low earnings (and a disinclination to use hard earned OP funds for day-to-day expenses!). I'm not too worried about this as these savings are for lean months and on top of that the cat expenses seem to have been never-ending of late. Hopefully we've made progress on that front now (both cats and earnings!), so things should be better financially from now on.

    In smaller news, I have a bid on the only auction item I have on ebay - 99 whole pence! Fingers crossed that grows a bit

    Things to be grateful for today (big things, I think):
    * Being in the very fortunate position of being able to overpay
    * Having a husband who is fully on board with OPing
    * Two lovely cats (who've been very affectionate since they came home from cattery)

    Have a good day everyone!
    Last edited by themadvix; 19-05-2017 at 11:20 AM.
    OPs 2017 = 2603/10000
    S&S ISA = 200/600
    OPs made 2016 = 6142.12
    Starting balance 2012: 132000; balance June 2017: 99,974
    MFW2017 no. 38
    • Karmacat
    • By Karmacat 19th May 17, 9:39 AM
    • 27,206 Posts
    • 146,224 Thanks
    Karmacat
    What a great post, and what a huge overpayment! Congratulations
    Retired August 2016

    Goal: earnings of 25k from new opportunities from September 2016 to December 2020 when my state pension kicks in.Save
    • Kittenkirst
    • By Kittenkirst 19th May 17, 11:46 AM
    • 1,313 Posts
    • 6,262 Thanks
    Kittenkirst
    Fantastic OP and congrats on getting below 100k
    Emergency savings- 2660 /4000
    Mortgage Oct '16- 170.995 LTV- 90% end date Nov 2041
    2016 OPs 255.50/150
    2017 MFW #20 - OP 1089.67/ 2150. 50%
    Jan- 68.21, Feb- 306.67, March- 272.01 April-324.05 May 118.73
    • kirtsypoos
    • By kirtsypoos 19th May 17, 12:12 PM
    • 2,653 Posts
    • 11,047 Thanks
    kirtsypoos
    Huge congratulations MV - so exciting to be under 100k
    1235/3000 OH BC(58.83% PAID)
    PAID VERY, Barclaycard x2, Vanquis, Natwest, O/D, Tesco & MBNA x2 PAID LBM 24/07/15 - Debt: 1235/31010.23 (96.01% paid)
    Mortgage - 164,000.00 (O/P 718.83 so far) PAYDBX 17 #006 - 13708.08/10000 Make 10 Apr 194.58 Make 10 May 148.17
    • Jessy103
    • By Jessy103 19th May 17, 7:14 PM
    • 237 Posts
    • 835 Thanks
    Jessy103
    Great news MV! Well done!! x
    Original Mortgage Amount 2007 - 87,310.50
    Mortgage Amount April 2017 - 64,990.00
    Overpayment Target for 2017 - 5,000 /1,789.01
    Jan - 873.26 Feb - 185.38 March - 269.07 April - 193.66 May - 267.64
    • EatingTheElephant
    • By EatingTheElephant 20th May 17, 6:48 AM
    • 875 Posts
    • 4,398 Thanks
    EatingTheElephant
    Huge congratulations, what a great milestone
    • Busy Mee1
    • By Busy Mee1 20th May 17, 7:49 AM
    • 289 Posts
    • 935 Thanks
    Busy Mee1


    Well done - that is brilliant news. You should be very proud of yourself
    • themadvix
    • By themadvix 22nd May 17, 12:21 PM
    • 746 Posts
    • 3,019 Thanks
    themadvix
    Aww, thanks everyone Not quite there yet, but it will be something to celebrate on the 2nd (if I've got my sums right! Embarrassing if not!).

    Had a great weekend doing to London to Brighton mini run, even if I did have to push the car the last bit (halfway along Madeira drive - I did have help, but I was glad I was pushing not steering with all the pedestrians!). The weather was lovely and we enjoyed the camping this year (paid for a pitch at the local actual campsite - it made all the difference!).

    I've been cracking on with life admin this morning while waiting for work to arrive (which it has now, can you tell?! Procrastination is my middle name!). Various bits and pieces done, which I'm feeling rather pleased about - including changing my business savings account so that it earns (slightly) more interest. Trying to get everything in order ready to do the kitchen next month... My brain is willing, but my achy body is struggling with the practical application today.

    Have also had a call from Boots to say my new glasses are ready - hooray! Will hopefully go and collect them later. I'm very impressed as they said it would be a week last Weds.

    MS news:
    * 10p VB poll
    * ebay item up to 1.70
    * Sold a tiny bit on FB - 25p to OP fund (it goes in a normal envelope, going to post box later anyway, it seems like more effort that it's worth, but I don't want these things in landfill and couldn't charity shop them).
    * Booked service for fridge under warranty as it's sticking when closing.
    * Must go and put washing on as it's so lovely outside!

    Things to be grateful for:
    * Lovely weekend
    * Gorgeous sunny day again today
    * Glasses to collect
    * Brain is beginning to be able to focus on jobs list unimpeded by all the fun we've been having! (Not that I've not enjoyed the fun, but everything else has felt like it's been slipping lately).
    OPs 2017 = 2603/10000
    S&S ISA = 200/600
    OPs made 2016 = 6142.12
    Starting balance 2012: 132000; balance June 2017: 99,974
    MFW2017 no. 38
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